|A Hanyang University student registers her facial recognition information at a kiosk set up at Shinhan Bank branch on campus. As of Thursday, Shinhan Face Pay will be available to users once they register their card and facial information. Courtesy of Shinhan Card|
By Lee Min-hyung
Shinhan Card has launched a facial recognition payment service featuring enhanced security and convenience for the first time in Korea, the card company said Thursday.
Shinhan Face Pay is available at Hanyang University's Seoul campus. The company established facial payment-enabling infrastructure at 16 venues ― such as restaurants and convenience stores on campus.
Once users register their card and facial information at a bank, they can make payment simply by scanning their face in front of a recognition system.
The company expressed hopes to lead the nation's facial recognition payment market by continuing improving the service and expanding the infrastructure across the nation. Shinhan plans to sign more partnerships with retail companies to expand the user base of the service.
In October 2019, Shinhan Face Pay won the Innovative Financial Service award from the Financial Services Commission in recognition for the service's technical excellence ― represented by artificial intelligence and biometrics protection technologies.
Shinhan Card has conducted a pilot service since August last year before officially rolling out the service on the market.
"The facial recognition payment is the final destination of the payment innovation," said Ryoo Tae-hyun, head of the firm's digital first division. "We will continue enhancing convenience and security of the service, and turn it into the standard of future payments."